Mr. Bendine was named CEO in February 2015. He was CEO and member of the Board of Directors of Banco do Brasil.

He has a bachelor degree in Business Administration from PUC-Rio, and a MBA degree in Finance and General Training for Senior Executives.

The company elected engineer Pedro Pullen Parente as Petrobras’ CEO.

Mr. Parente began his public service career at Banco do Brasil in 1971 and was transferred to the Central Bank in 1973, in both cases following public examination.

Mr. Parente has been a consultant for the International Monetary Fund and public institutions in Brazil, including several State Departments and the National Constituent Assembly of 1988, and has occupied various government positions in the economics area.

Mr. Parente was Minister of State between 1999 and 2002, having led the team handling the transition from President Fernando Henrique Cardoso’s government to President Lula’s administration.

During this period, Mr. Parente played an important role as President of the Energy Crisis Management Chamber. He was a member of the Board of Directors of Petrobras between March 24, 1999 and December 31, 2002 and Chairman of the Board as of March 25, 2002.

Mr. Parente was Chief Operating Officer of RBS Group between 2003 and 2009 and President and CEO of Bunge Brasil from 2010 to 2014. He is currently a member of the Board of Directors of SBR-Global, as well as an Executive Partner of the Prada group of consulting and financial advisory companies.

Mr. Parente has also been Chairman of the Board of Directors of the BM&FBOVESPA – Securities, Commodities and Futures Exchange since March 2015.

Petrobras also said that has also received a letter of resignation from Board Member, Luciano Galvão Coutinho.

Mr. Coutinho has been a member of Petrobras board of directors since April 2008. He has been the Chief Executive Officer of the BNDES since April 2007.

In addition, Mr. Coutinho is a member of the board of directors of Vale S.A. (Vale), a member of the Curator Committee for the Fundacao Nacional da Qualidade-FNQ (the Brazilian Quality Foundation), and the BNDES representative at the Fundo Nacional de Desenvolvimento Cientifico e Tecnologico-FNDCT (the Brazilian Fund for Scientific and Technological Development).

Mr. Coutinho has a Ph.D. in economics from Cornell University, a master's degree in economics from the Fundacao Instituto de Pesquisas Economicas-Fipe (the Institute of Economic Research) at Universidade de Sao Paulo-USP and a bachelor's degree in economics from USP.

Mr. Coutinho is a visiting Professor at the Universidade Estadual de Campinas (UNICAMP) at the Universidade de Sao Paulo-USP, at the University of Paris XIII, at the University of Texas and at the Ortega y Gasset Institute. ■